Bharti Airtel shares gain six percent after Vodafone exit

Mumbai: Shares of Bharti Airtel surged 6 percent on Friday after British telecom company Vodafone announced its exit from the Indian telecom major by selling its 4.2 percent stake to an arm of Bharti Group.

The stock gained 5.98 percent to settle at Rs 425.30 on the BSE. During the day, it jumped 8.32 percent to 434.70 – its 52-week high. Bharti Airtel was the top gainer among the 30-Sensex stocks.

On the NSE, it climbed 5.6 percent to end at Rs 425.60. British telecom company Vodafone said it has exited from Bharti Airtel by selling its 4.2 percent stake in the Indian telecom major to an arm of Bharti Group.

"Vodafone confirms that it has sold, through a wholly- owned subsidiary, its shareholding in Bharti Infotel Private Limited, representing an approximate 4.2 percent interest in Bharti Airtel Ltd, to Bharti Enterprises (Holding) Private Limited for USD 200 m (million)," the company had stated in a statement.

Vodafone has to sell its entire stake in Bharti Airtel following new norms issued by government that bars a telecom operator from holding any kind of stake in competition under unified licences.